Not sure what to do about digitization? Business consultants can help
One of the biggest changes the business world now faces is the challenges being brought to bear by digitization and disruption. If someone had told you in 2000 that within 17 years the world's largest music service owned no music, the world's largest transportation service owned no taxis and one of the world's largest lodging companies owned no hotels, you would have thought they were crazy. But digitization and disruption are paving the way for serious gains for companies that form a strong strategy. Where does your company stand?
Digitization is the process in which a company's assets are brought to a level of technology that makes it more agile and flexible in a changing world. Disruption is what's happening when new companies with unique business models take large amounts of the market share from traditional companies that have failed to digitize their assets. Recent research by digitization giant SAP shows that though 90% of CEOs believe that digitization is vital to their company's financial health, only 15% are making and funding plans for the transition. At the same time, 33% of industry leaders will lose market shares from disruption by the end of 2018.
Where does your company fall? Here are just a few areas where digitization can help lower your overhead, improve your profitability and increase your market share:
User Experience: In a world where the user is constantly bombarded by marketing messages, a superior user experience is the best way to stand out.
Internet of Things: Imagine sensors in production machinery to predict and prevent breakdowns or products that automatically reorder supplies.
Analytics: Get a better prediction of customer behavior, product performance or similar concepts through analysis of a huge number of data points.
Innovation Management: Manage your company's innovation process while shortening the time to market for your new products.
By having a digitization plan, you can realize significant gains while preventing the losses that late adopters have seen. Working with a business consultant to make the transition go more smoothly can make a huge difference in your success with digitization. AccountRely can help you develop an in-depth strategy to deal with disruption and digitization in your industry. Please feel free to contact us today to get started.